The Latest: Ski resort president cites lack of oversight

NEWPORT, Vt. (AP) — The Latest on a ski resort fraud case involving a visa program (all times local):

5:35 p.m.

A former Vermont ski resort president who was accused of defrauding the state's immigrant investor program and reached a settlement with the state says there was a lack of oversight on the project he was working on.

Vermont Attorney General T.J. Donovan announced Thursday former Jay Peak owner Ariel Quiros (KWEHR'-ohs), of Miami, will pay the state $2 million and former Jay Peak president William Stenger will pay the city of Newport $100,000.

Quiros and Stenger had planned to bring a biotechnology firm and a rental building to the small town. They were accused of misusing $200 million raised from foreign investors through the EB-5 visa program.

Stenger's lawyer David Cleary says his client requested to pay the $100,000 directly to Newport.

Quiros' lawyer says he's happy to move toward putting this behind him.

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4:40 p.m.

Vermont has settled a lawsuit against two ski resort developers accused of defrauding its immigrant investor program.

Attorney General T.J. Donovan announced Thursday former Jay Peak owner Ariel Quiros (KWEHR'-ohs), of Miami, will pay the state $2 million satisfied by transferring five properties to Vermont. Former Jay Peak president William Stenger will pay the city of Newport $100,000, earmarked for economic development.

The agreement is subject to court approval. If approved the state will drop its lawsuit against both men.

Quiros and Stenger were accused of misusing $200 million raised from foreign investors through the EB-5 visa program, which helps foreigners obtain permanent residency by investing in job-creating developments. They've reached settlements with the Securities and Exchange Commission.

Quiros' lawyer says he's happy to move toward putting this behind him. Stenger hasn't returned a call seeking comment.

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3:05 p.m.

Vermont's attorney general says the state has settled a civil lawsuit against two developers accused of defrauding the state's immigrant investor program.

Attorney General T.J. Donovan announced Thursday that former Jay Peak owner Ariel Quiros of Miami will pay the state $2 million satisfied by transferring five properties to Vermont. Former Jay Peak president William Stenger will pay $100,000 to the city of Newport, which will be earmarked for economic development.

The agreement is subject to court approval. If approved the state will drop its lawsuit against both men.

Quiros and Stenger were accused in 2016 of misusing more than $200 million raised from foreign investors through the EB-5 visa program. They have also reached settlements with the Securities and Exchange Commission.

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10:30 a.m.

Republican Gov. Phil Scott and Democratic Attorney General T.J. Donovan will make an announcement about the state's troubled immigrant investor program.

The announcement will come Thursday in Newport, a town left with a large unfinished development after alleged fraud was uncovered in the program.

The U.S. Citizenship and Immigration Services ordered that the state close its regional center following alleged fraud at the Jay Peak ski resort. State officials plan to appeal the decision in order to gradually wind down the program, but agree that the center should be closed.

Jay Peak owner Ariel Quiros and former Jay president William Stenger were accused in 2016 of misusing more than $200 million raised from foreign investors through the EB-5 visa program for developments at or near the resort.